Petrofac Limited: Petrofac confirms signing of USUSD1.5 billion EPC contract in Algeria

DJ Petrofac Limited: Petrofac confirms signing of USUSD1.5 billion EPC contract in Algeria

Petrofac Limited ( PFC) Petrofac Limited: Petrofac confirms signing of USUSD1.5 billion EPC contract in Algeria 12-Jun-2023 / 07:00 GMT/BST

----------------------------------------------------------------------------------------------------------------------- Press Release

12 JUNE 2023

Petrofac confirms signing of USUSD1.5 billion EPC contract in Algeria

Further to the announcement of 18 May 2023, Petrofac today confirms it has entered into a definitive agreement with STEP Polymers SPA ('STEP', a 100% subsidiary of Sonatrach) for the design and build of its petrochemical complex in the Arzew Industrial Zone in Algeria. As previously announced, Petrofac will deliver the USUSD1.5 billion project with its joint venture partner China Huanqiu Contracting & Engineering Corporation (HQC), with Petrofac's share valued at over USUSD1 billion. The contract was signed at an official ceremony in Algiers by representatives of Petrofac, HQC and STEP.

Tareq Kawash, Petrofac's Group Chief Executive, said: "I am delighted to be in Algiers alongside our partner and client to mark the official award of this pioneering project. Broadening Petrofac's portfolio within the petrochemical sector, this contract builds on our 25-year track record of safely delivering strategically significant energy infrastructure in Algeria, while developing local workforces." Ends

For further information contact:

Petrofac:

James Boothroyd, Head of Investor Relations

[e-mail]

Sophie Reid, Group Head of Communications

[e-mail]

Teneo (for Petrofac):

Martin Robinson

[phone]

[e-mail]

NOTES TO EDITORS

About Petrofac

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies.

Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs. Our four values - driven, agile, respectful and open - are at the heart of everything we do.

Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 7,950 employees based across 31 offices globally.

Petrofac is quoted on the London Stock Exchange (symbol: PFC).

For additional information, please refer to the Petrofac website at

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ISIN:     GB00B0H2K534 
Category Code: CNT 
TIDM:     PFC 
LEI Code:   2138004624W8CKCSJ177 
Sequence No.: 249992 
EQS News ID:  1653957 
 
End of Announcement EQS News Service 
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June 12, 2023 02:00 ET (06:00 GMT)